This will largely depend on your approach versus eliminating debt.Refi with cash out means you will pay for it for 30 years or for the length however it may not be noticiable.A HELOC will be like having a credit card balance that you can pay off as quickly as you want.I myself wouldn't choose either since both take out equity of your home and could increase the chance you end up backwards on your home. This would guarrantee foreclosure should you hit hard financial times.If you plan on paying the debt quickly HELOC is the right answer in my opinion.Good luck!!!
|